By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets fell from a
six-year closing high on Tuesday, with mining firms sliding as
metals prices weakened, and as Vivendi and Fresenius dropped after
earnings reports.
The Stoxx Europe 600 index lost 0.4% to 336.70 after closing at
the highest level since January 2008 on Monday. The upbeat moves on
Monday came as U.S. stocks opened with solid gains, boosted by
M&A activity and bets that the S&P 500's venture into new
high ground could spur further buying.
Several prominent companies weighed on the pan-European index
after reporting earnings on Tuesday. Shares of Fresenius SE &
Co. KGaA slid 8.2% after the health-care firm laid out its 2014
outlook, which was markedly below market forecasts.
Shares of Vivendi SA dropped 2.1% after the French telecoms and
media firm said sales continued to suffer at the group's French
phone business, SFR, last year.
Mining firms also added pressure as metals prices declined.
Shares of Rio Tinto PLC (RIO) dropped 2.7%, BHP Billiton PLC (BHP)
fell 1.4%, and Glencore Xstrata PLC (GLCNF) erased 1.5%.
On a more upbeat note, shares of Jyske Bank AS rallied 7% after
the Danish bank said late Monday it has agreed to merge with
unlisted mortgage-credit institution BRFkredit.
In data news in Europe, the second print on German gross
domestic product released Tuesday showed the economy expanded by
0.4% in the fourth quarter, in line with analyst expectations and
the preliminary estimate.
In France, a report Tuesday from statistics bureau Insee showed
business confidence remained steady in February, at the same level
recorded in the two previous months. Business confidence for
Germany brightened for a fourth straight month in February, data
showed on Monday.
Later in the day, attention turns to the U.S., where data on
December home prices are due out, along with consumer-confidence
numbers. U.S. stock futures signaled a lower open on Wall
Street.
Among country-specific indexes in Europe, the U.K.'s FTSE 100
index lost 0.6% to 6,825.81, after closing at its highest level
since 1999 on Monday.
Germany's DAX 30 index fell 0.4% to 9,665.75, and France's CAC
40 index gave up 0.5% to 4,398.08.
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